One of Cardiff’s biggest private sector employers, MotoNovo Finance, is reviewing its office requirements which could it see it relocating and occupying far less space. The car finance venture, which is part of Aldermore Bank, employs around 800 staff in the city centre at the One Central Square office building at the wider Central Square development.
It currently occupies around 71,000 sq ft of office space across five floors - making it the building’s biggest single tenant with more than half of its entire space.
With the pandemic accelerating the move towards hybrid working across the UK workplace, it is understood that MotoNovo has commenced a review of its office needs, while remaining committed to maintaining its presence in the capital. While not commenting it is understood that the review is looking at a number of options including maintaining its current space in the building, but creating more meeting room and collaboration areas.
However, the most likely outcome will come from the review’s two other option; seeking to offload space by subletting it to another firm or a number of tenants and a third option of leaving the building.
MotoNovo wouldn’t comment on when its current lease on the building, which is owned by Luxembourg-based real estate fund manager Aerium, expires and whether there is a break clause. However, it is understood to have more than ten years remaining on its lease. If Motonovo does opt to vacate the building it is committed to investing in a smaller office location in the city, while also maintaining its current head count - which does include a small number who work for Aldermore Bank, which is ultimately-owned by South African financial institution FirstRand.
An Aldermore spokesperson said: "Following the pandemic, our business – along with most other UK employers – is adapting to different ways of working in which people are working in the office less than before. With fewer colleagues now coming into the office, we are considering how much space we need in the future.
"This will mean we are likely to need less total office space in future, and space better suited to a flexible working model that allows colleagues to better collaborate when they are in the office. We will invest in our office facilities to enable this and will involve our colleagues in that process.
“We are absolutely committed to Cardiff and will continue to invest in the city and actively recruit and retain a high volume of roles in this location.”
Also at One Central Square tenant Blake Morgan is looking to offload one of its floors, while at the adjacent 2 Central Square office building fellow legal firm Hugh James is looking to sublet two of its floors.
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